Payday lenders want to have less control from state regulators. They are boosting their political contributions, hiring lobbyists and asking Congress to transfer the supervision of online short term loans from states to the US Office of the Comptroller of the Currency. A House committee will hold a hearing on the proposal, which is opposed by the OCC.
The $11 billion online loan industry tries to shed its payday lenders label. This is according to Peter Barden, spokesman for the Online Lenders Alliance. On a memo, he advised lenders visiting the Capitol Hill this summer to avoid using the term payday. He said that they should use short term and small dollar lending.
Cash America, one of the companies offering short term online loans, is said to double its annual campaign contributions from $200,000 it gave in 2007. The company is financing a new coalition to push for the measure.
Source: http://www.paydayloansmag.com/direct-lenders-lobby-to-transfer-oversight-away-from-states/
arik armstead sag awards red carpet torrey pines nhl all star game 2012 pollyanna samuel adams snowy owl
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.